How to pay off your debt even when you are broke?

by J B

Debt is a very tricky trap. When you get into tons of debt and get broke, you realize how difficult it becomes to make your living. Nobody can understand the stress and pressure of that except you. In a time of debts, you have to remember that you yourself only can may a way to pay off the debts. You are your best friend and a helper.

People around you can suggest ways to debt more money and can help you to lend money to pay off the present debts but all those ideas are not practical ways to get rid of the debts. It will end up landing more debts in your life and will continuously affect your living.

Never forget that we are always here as a guide to help you to pay off your debt by some effective ways. Let’s start.

Effective Ways to Pay off Your Debt When You Are Broke

Here, we will tell you some effective and practical ways to pay off your debts when you are completely broke.

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1.    Be Strong Mentally

Firstly you have to decide “No more debts” or use money given by your friends. Debt creates a lot of stress and pressure affecting our lifestyle. It makes you mentally weak and you get frustrated when getting broke and stuck in such a situation.

The first step you need is to be mentally strong. You have to be strong to overcome your debts. Without a strong mind, you won’t be able to find the solution. Don’t lose hope and make yourself mentally strong by deciding that nothing is impossible and you can overcome this problem on your own. When you will become mentally strong you will see many ways are still there to help you to pay off your debts.

2.    Distinguish Between Broke and Overspent

It is very important to know your situation. If you have spent all the money on the things which weren’t that necessary for you then you aren’t broke. You are just overspending your money. You can change your situation just by making spending plans for those things. If you have no money in your pocket then you have to understand what you need to buy and whatnot. You have to be very careful with your decisions and make an effective plan for your expenses.

3.    Know Your Debts

Knowing your debts is very essential before you plan to pay off those debts. You have to know your debts well by asking the following questions –

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  • How many debts do you have?
  • What kind of debt do you have? Long-term or short-term?
  • Which debts is urgent to pay?

These questions will help you to know your debts and categorize them. This will help you to know for which debt need to get paid off first. Always try to pay the debts which need to be paid off early. Don’t choose fewer amounts first but try to pay the debt which is costing you more.

4.    Save Money by Cutting Your Expenses

When it comes to paying off the debt the most important tool you need is money. You need to control your money by cutting unnecessary expenses. This will help you to save money which you can use to pay off your debts. Analyze your bank statements and know your expenses which will let you know where you can cut the expenses for a few months. Save that money are using it to pay off your debts.


These methods will effectively help you to reach your financial freedom by paying off your debts. This might seem difficult at starting but not difficult as when you are handling those stress in your head. When you will follow the effective ways given above, you will see an effective reduction in your debts. Anyways it’s just for some days. You have to lose to gain something. Your temporary sacrifice will be worth for it.


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